SunPower Corp.(NASDAQ: SPWR) announced it has entered into an agreement to settle the private securities class action suit against the company and certain current and former members of management. This action is titled, "In re SunPower Securities Litigation."
The agreement, which is subject to negotiation and execution of a final settlement document and court approval, provides for the payment by SunPower of $19.7 million and would lead to the dismissal of all claims against the defendants. The company expects to reflect the impact of the settlement in its fourth quarter 2012 financial results.
"While we strongly believe that the company and its management fully met all their legal obligations, we have decided it is more prudent to focus our efforts on growing new markets and continuing to expand our leading residential market share position," said Lisa Bodensteiner, SunPower executive vice president and general counsel.